Bitcoin climbed 2.3% on Monday, hitting $82,350, after President Trump rejected Iran's latest peace offer. The move caught many leveraged bears off guard, wiping out roughly $64 million in short positions across crypto derivatives exchanges.
Geopolitical trigger
The price surge followed Trump's public refusal to accept Iran's proposal to de-escalate tensions. The White House framed the rejection as a stance against what it called a “temporary and insincere” truce offer. For crypto traders, the rejection signaled continued instability in the Middle East — a scenario that historically drives demand for assets perceived as hedges, including Bitcoin.
Leveraged positions wiped out
The sudden upward move triggered a cascade of liquidations. About $64 million in short positions were closed automatically as exchanges forced margin calls. The majority of those shorts were on Binance and OKX, according to data from Coinglass. Some traders had piled on bearish bets after Bitcoin failed to hold above $81,000 late last week, expecting a pullback that never came.
What traders are watching
With the Iran offer rejected, the market's attention shifts to any potential military moves or new diplomatic overtures. Bitcoin's correlation with geopolitical headlines has been uneven this year — sometimes rallying on uncertainty, sometimes falling — but Monday's reaction was unambiguous. The $82,350 level is now the highest since early May, and traders are eyeing resistance around $83,000.
The next major catalyst could come from the White House's scheduled briefing later this week, where more details on Iran policy are expected. For now, Bitcoin holders are sitting on gains, while short sellers are licking their wounds.
